Abstract

http://ssrn.com/abstract=2042974
 
 

References (37)



 
 

Footnotes (8)



 


 



Does Regulation Fair Disclosure Reduce the Information Quality of Managerial Guidance?


Anna Agapova


Florida Atlantic University

Jeff Madura


Florida Atlantic University - College of Business

Zhanel Mailibayeva


Florida Atlantic University - School of Accounting

May 2012

Financial Review, Vol. 47, Issue 2, pp. 273-297, 2012

Abstract:     
We examine an effect of Regulation Fair Disclosure (Reg FD) on voluntary public managerial guidance information quality. Results suggest that the information quality of public guidance has not deteriorated after Reg FD. We also examine separately the effect of Reg FD on information efficiency before earnings releases for firms that provide public managerial guidance and those that do not. We find that when we control for the impact of Reg FD on firm characteristics, information efficiency deteriorates for firms that do not provide public guidance and for new guiders, while it does not change for firms that continue issuing public guidance after Reg FD.

Number of Pages in PDF File: 25

Keywords: management guidance, Regulation Fair Disclosure, earnings announcements, information disclosure and information quality

JEL Classification: G14, G18

Accepted Paper Series


Date posted: April 21, 2012  

Suggested Citation

Agapova, Anna and Madura, Jeff and Mailibayeva, Zhanel, Does Regulation Fair Disclosure Reduce the Information Quality of Managerial Guidance? (May 2012). Financial Review, Vol. 47, Issue 2, pp. 273-297, 2012. Available at SSRN: http://ssrn.com/abstract=2042974 or http://dx.doi.org/10.1111/j.1540-6288.2012.00329.x

Contact Information

Anna Agapova (Contact Author)
Florida Atlantic University ( email )
Finance Department
777 Glade Rd
Boca Raton, FL 33431
United States
Jeff Madura
Florida Atlantic University - College of Business ( email )
University Tower
220 SE 2 Avenue
Fort Lauderdale, FL 33301
United States
(954)762-5632 (Phone)
(954)762-5245 (Fax)
Zhanel Mailibayeva
Florida Atlantic University - School of Accounting ( email )
University Tower
220 SE 2 Avenue
Boca Raton, FL 33431
United States
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References:  37
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